Slide 1: Q4 and FY 2024 Financial Highlights
Q4 and FY 2024 Financial Highlights February 25, 2025
Slide 2: Note on Forward-Looking Statements
PAGE 2 Note on Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “conte
Slide 3: Q4 2024 Summary
PAGE Q4 2024 SUMMARY 3 NET SALES GROSS MARGIN ($MM) $293.7 $259.2 $257.8 56.0% $239.8 54.8% 52.9% 51.4% 52.0% 52.5% 14% YoY +53 BPs YoY $147.6 $140.8 15% 5-Year Gross profit $ CAGR +15% YoY Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 NET INCOME ADJUSTED EBITDA(1) ($MM) ($
Slide 4: Net Sales by Segment and Geography
NET SALES BY SEGMENT AND GEOGRAPHY PAGE 4 Double-Digit Growth Year-over-Year Across Segments and Geographies NET SALES NET SALES NET SALES MIX BY SEGMENT AND BY SEGMENT BY GEOGRAPHY GEOGRAPHY IN Q4 2024 ($MM) ($MM) +15% YoY +11% YoY $252.0 86% 14% $236.6 $220.0 $213.7 REVOLVE FWRD +11% YoY +29% YoY
Slide 5: Segment Results Over Time
PAGE SEGMENT RESULTS OVER TIME 5 SEGMENT NET SALES SEGMENT GROSS PROFIT ($MM) ($MM) +15% YoY +11% YoY +13% YoY +32% YoY 15% 5-Year CAGR 13% 5-Year CAGR $250 80% $150 90.00% $252.0 $240 $230 $140 70% $217.1 $220.0 $220 $210 % of segment net sales $130 80.00% $200 $200.0 58% $120 $190 57% 55% 57% 60%
Slide 6: Operating Metrics Highlights
PAGE OPERATING METRICS HIGHLIGHTS 6 ACTIVE CUSTOMERS(1) TOTAL ORDERS PLACED(1) AVERAGE ORDER VALUE(1) (TRAILING 12 MONTHS, in 000s) (000s) 2,543 2,668 2,340 $306 $303 $301 2,172 $282 $292 1,840 1,954 2,022 $256 1,755 1,488 1,472 1,092 1,023 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 19 Q4 20 Q4 21 Q4 22
Slide 7: Cost and Margin Structure
PAGE COST AND MARGIN STRUCTURE 7 GAAP OPERATING INCOME MARGIN ADJUSTED EBITDA MARGIN(1) 14.3% 13.3% 11.8% 13.3% 9.3% 7.2% 4.1% 5.5% 6.2% 3.9% 3.3% 0.9% Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 19 Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 AS A % OF NET SALES Q4 24 Q4 23 CHANGE OBSERVATIONS Primarily reflects a sig
Slide 8: Earnings Per Share
PAGE EARNINGS PER SHARE 8 THE EPS MATH Q4 DILUTED EPS (000s, except per share figures and percentages) Q4 24 Q4 23 YoY Income before income taxes $14,647 $4,876 +200% Provision for income taxes (2,877) (1,382) +108% $0.39 Effective tax rate 20% 28% (8) Points $0.26 Net income (GAAP) $11,770 $3,494 +
Slide 9: Full Year 2024 Results, Balance Sheet and Cash Flow Highlights
PAGE 9 FULL YEAR 2024 RESULTS, BALANCE SHEET AND CASH FLOW HIGHLIGHTS
Slide 10: Full Year P&L Highlights
PAGE FULL YEAR P&L HIGHLIGHTS 10 NET SALES NET INCOME ADJUSTED EBITDA ($MM) ($MM) ($MM) +6% YoY +73% YoY +60% YoY 13% 5-Year CAGR 5% 5-Year CAGR $1,101 $1,130 $1,069 $891 $115 $100 $90 $601 $581 $499 $69 $70 $57 $59 $56 $400 $49 $46 $43 $36 $31 $28 $28 $5 2017 2018 2019 2020 2021 2022 2023 2024 2017
Slide 11: Full Year Metrics Disclosure
PAGE FULL YEAR METRICS DISCLOSURE(1) 11 OWNED BRAND NET SALES AS % NET SALES AT FULL PRICE(2) AVERAGE ORDER VALUE (AOV) OF REVOLVE SEGMENT NET SALES BY SEGMENT 87% 85% 82% 79% 79% 79% 77% $717 75% $690 $692 $653 $666 $636 $642 36% $592 31% 27% $270 $258 $256 $279 $274 $281 22% $248 20% 20% 20% $217
Slide 12: Cash Flow Highlights
PAGE CASH FLOW HIGHLIGHTS 12 NET CASH PROVIDED BY PURCHASE OF FREE CASH FLOW(1) OPERATING ACTIVITIES PROPERTY AND EQUIPMENT ($MM) ($MM) ($MM) (38%) YoY (54%) YoY 7% 7-Year CAGR 3% 7-Year CAGR $71 $74 $60 $62 $46 $43 $39 $34 Average of 0.6% of Net Sales $27 $27 $24 $23 $18 $18 $16 $14 $12.5 $5.2 $4.2
Slide 13: Build Up of Free Cash Flow in Full Year 2024
PAGE BUILD UP OF FREE CASH FLOW IN FULL YEAR 2024 13 $2.6 $48.8 $ Millions ($24.8 ) $18.0 ($5.6 ) ($3.0 ) Net Income Decrease of Other Increase in Inventory Capital Expenditures Purchases of Rental Free Cash Flow Working Capital and Product Other
Slide 14: Stock Repurchase and Balance Sheet Highlights
PAGE STOCK REPURCHASE AND BALANCE SHEET HIGHLIGHTS 14 STOCK REPURCHASE ACTIVITY UPDATE(1) CASH & CASH EQUIVALENTS ($MM) ($MM) + $11.2 M or +5% YoY + $3.8 M, $11.8M in stock repurchases in last 4 quarters or +1% QoQ ~4X in Past 5 Years No shares repurchased in Q4 2024. $256.6 $252.8 $256.6 $57.6 $245
Slide 15: Balance Sheet Highlights
PAGE BALANCE SHEET HIGHLIGHTS 15 INVENTORY YoY SALES GROWTH % MINUS YoY INVENTORY GROWTH % ($MM) Inventory Declined 4% QoQ and Sales Growth Exceeded YoY Inventory Growth in Q4 2024 Increased 13% YoY $240 $229 $229 $215 $204 5% 1% 1% $171 (4%) (9%) (7%) (9%) (11%) (8%) $104 (20%) (18%) $95 (40%) (49%
Slide 16: Full Year Segment Results
PAGE FULL YEAR SEGMENT RESULTS 16 SEGMENT NET SALES SEGMENT GROSS PROFIT ($MM) ($MM) +7% YoY (3%) YoY $1,200.0 +9% YoY 80% 1200 1190 1180 1170 1160 1150 1140 1130 (6%) YoY 160% 1120 1110 $1,100.0 1100 13% 5-Year CAGR 17% 5-Year CAGR 1090 1080 1070 1060 70% 1050 140% 1040 1030 $971 $1,000.0 1020 1010
Slide 17: Appendix: Definitions and Reconciliations
PAGE PAGE 17 17 1 APPENDIX: DEFINITIONS AND RECONCILIATIONS
Slide 18: Upcoming Investor Conferences
PAGE UPCOMING INVESTOR CONFERENCES 18 MORGAN STANLEY TECHOLOGY, MEDIA & TELECOM CONFERENCE • MARCH 4, 2025 UBS GLOBAL CONSUMER AND RETAIL CONFERENCE • MARCH 12, 2025
Slide 19: Non-GAAP to GAAP Reconciliation – Q4
PAGE NON-GAAP TO GAAP RECONCILIATION – Q4 19 ADJUSTED EBITDA ($MM) (1) Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 NET INCOME $8.4 $19.0 $29.4 $7.9 $3.5 $11.8 (+) OTHER EXPENSE (INCOME), NET 0.3 0.7 0.2 0.3 (2.7) (3.2) (+) PROVISION FOR (BENEFIT FROM) INCOME 2.0 (3.0) 2.3 2.5 1.4 2.9 TAXES (+) D
Slide 20: Non-GAAP to GAAP Reconciliation – Full Year
PAGE NON-GAAP TO GAAP RECONCILIATION – FULL YEAR 20 ADJUSTED EBITDA ($MM) (1) 2017 2018 2019 2020 2021 2022 2023 2024 NET INCOME $5.0 $30.6 $35.7 $56.8 $99.8 $58.7 $28.1 $48.8 (+) OTHER EXPENSE (INCOME), NET 1.4 0.6 0.9 1.0 0.6 (3.5) (15.6) (13.0) (+) PROVISION FOR INCOME TAXES 14.1 10.5 11.5 3.3 4.
Slide 21: Non-GAAP to GAAP Reconciliation – Full Year (Free Cash Flow)
PAGE NON-GAAP TO GAAP RECONCILIATION – FULL YEAR 21 FREE CASH FLOW ($MM) (1) 2017 2018 2019 2020 2021 2022 2023 2024 NET CASH PROVIDED BY OPERATING $16.5 $26.7 $46.1 $73.8 $62.3 $23.4 $43.3 $26.7 ACTIVITIES PURCHASES OF PROPERTY AND EQUIPMENT (2.3) (3.0) (12.5) (2.3) (2.2) (5.2) (4.2) (5.6) PURCHASE
Slide 22: Metrics Definitions
PAGE METRICS DEFINITIONS 22 Non-GAAP Financial Measures Adjusted EBITDA is a non-GAAP financial measure that we calculate as net income before other (income) expense, net; taxes; and depreciation and amortization; adjusted to exclude the effects of equity-based compensation expense, certain transact